Procurement Signals
Commodity procurement signals
Daily market intelligence across base metals, energy, precious metals, and steel. Filterable by category, updated continuously as markets move.
Energy2026-07-01
Oil Market Enters H2 2026 in Surplus as WTI Falls Below $70 and Henry Hub Gas Steadies Above $3
WTI at $69.70/bbl, Brent at $73.19/bbl, Henry Hub at $3.28/mmBtu. IEA projects supply outpacing demand by 930 kb/d in 2026.
Steel & Iron2026-07-01
Global HRC Steel Market Fragments as US Supply Constraints, EU Trade Barriers, and Chinese Export Strategy Create Regional Price Dispersion
US HRC at $1,146/MT, Europe at 700-720 EUR/t, China FOB at $505/MT. Supply constraints rather than demand driving US prices above $1,000.
Precious Metals2026-07-01
Rhodium Market Remains Structurally Tight as Automotive and AI-Linked Demand Outpace Constrained Supply
Rhodium at ~$8,000-10,000/oz. Market valued at $2.67B in 2026. Automotive catalysts account for 71% of demand.
Precious Metals2026-07-01
Palladium at $1,200 Faces Low-Liquidity Squeeze Risk on NYMEX as Above-Ground Stocks Dwindle
Palladium at $1,213/oz on NYMEX, down 14% in June. Above-ground stocks down 42%. BofA 2026 average at $1,725/oz.
Precious Metals2026-07-01
Platinum Corrects 20% in June but Structural Deficit Keeps Medium-Term Outlook Constructive
Platinum at $1,567/oz on NYMEX, down 20% in June but still 9.5% higher year-on-year. WPIC forecasts market moving from 692 koz deficit to near balance.
Precious Metals2026-07-01
Silver at $60/oz as Sixth Consecutive Deficit and COMEX Inventory Squeeze Reshape Market Structure
Silver at $60.09/oz on COMEX. The Silver Institute projects a sixth consecutive deficit at 67 Moz in 2026. COMEX registered inventory at 13.4% of open interest.
Precious Metals2026-07-01
Gold Holds Near $4,000 as Central Bank Buying and ETF Inflows Underpin Record Price Regime
Gold trades at $4,045/oz on COMEX as Metals Focus projects a record $4,920 annual average for 2026. Central banks bought 863 tonnes in 2025. JP Morgan sees year
Base Metals2026-07-01
Copper at $6.26/lb as Smelter Margins Compress; Concentrate Market Tightest in Decades
COMEX copper at $6.26/lb (~$13,794/mt) as treatment charges hit historic lows. LME stocks at 333,100t.
Base Metals2026-07-01
Aluminum Deficit Widens to 720,000t as West Asia Disruptions Compound Chinese Capacity Cap
LME aluminum at $3,130/t, down from June highs of $3,795/t. Goldman Sachs raises deficit forecast to 720,000t.
Base Metals2026-07-01
Zinc Concentrate TCs Hit Record Negative -$50/t; Smelters Under Extreme Margin Pressure
LME zinc at $3,300-$3,540/t as concentrate TCs crash to -$50/t, a record low.
Base Metals2026-07-01
Nickel Flips to Deficit as Indonesia Slashes Ore Quotas by 30%; INSG Revises Forecast
LME nickel at $17,942-$18,892/t as INSG flips 2026 forecast from surplus to 32,000t deficit.
Base Metals2026-07-01
Tin Near $50,000/t Record as Myanmar Restart Proves Slower Than Expected; Indonesia Tightens
LME tin at $50,215/t, within 1% of the all-time high. Myanmar restart slower than expected.
Base Metals2026-07-01
Lead Anchored Near $2,000/t as ILZSG Forecasts 109,000t Surplus; Battery Demand Steady
LME lead at ~$2,000/t as ILZSG projects 109,000t surplus in 2026.
Base Metals2026-07-01
Zinc H2 2026: From Surplus to Deficit as ILZSG Reverses Forecast
ILZSG revised from a 271kt surplus to a 19kt deficit for 2026. LME zinc near $3,563/t with low inventories supporting prices. Base case: $3,200–3,600/t.
Base Metals2026-07-01
Tin H2 2026: Supply Constraints from Myanmar and Indonesia Support Prices
Tin supply from Myanmar remains disrupted post-coup, Indonesian exports face regulatory tightening. Electronics and solder demand stable. Base case: $32,000–37,
Precious Metals2026-07-01
Silver H2 2026: Dual Demand from Solar and Monetary Premium
Silver benefits from record solar manufacturing demand plus monetary safe-haven flows. Base case: $32–38/oz for H2 2026.
Precious Metals2026-07-01
Platinum H2 2026: Structural Deficit Continues, Hydrogen Emerging
Platinum enters its 3rd consecutive deficit year. Autocatalyst demand resilient, hydrogen economy emerging. Base case: $1,400–1,700/oz.
Base Metals2026-07-01
Nickel H2 2026: Bipolar Market — Class-2 Surplus, Class-1 Deficit
Nickel faces a split market: 261kt total surplus from Indonesian NPI, but tightening class-1/battery-grade supply. Base case: $15,000–18,000/t with upside to $2
Energy2026-07-01
Natural Gas H2 2026: LNG Exports and Power Demand Tighten the Balance
Henry Hub in the mid-$3s supported by record LNG exports and power demand. Base case: $3.50–4.50/MMBtu with upside to $5+ on winter.
Base Metals2026-07-01
Lead H2 2026: Chronic Surplus Continues, Battery Demand Steady
LME lead stocks at decade highs as the market remains oversupplied. Battery demand provides a stable floor but limited upside. Base case: $2,000–2,300/t.
Steel & Iron2026-07-01
Iron Ore H2 2026: Oversupplied, Range-Bound, Waiting on China
Seaborne iron ore at $100-120/mt CFR China with Chinese steel demand in decline. Vale, Rio Tinto, BHP run near capacity. Port stocks above 140Mt. Bearish bias H
Steel & Iron2026-07-01
HRC H2 2026: Tariff Wall Holds, Global Glut Looms
US HRC at ~$1,161/st with 50% Section 232 tariffs insulating domestic mills. Global demand grows only 0.3% while 165Mt of new capacity arrives by 2027.
Precious Metals2026-07-01
Gold H2 2026: Central Bank Buying and Rate Uncertainty Keep Prices Elevated
Gold at $5,000+ with central bank buying structurally elevated and the Fed on hold. Base case: $4,800–5,500/oz for H2 2026.
Energy2026-07-01
WTI Crude H2 2026: Hormuz Disruption Defines the Range
WTI crude at ~$96/bbl with Hormuz Strait disruption removing 12-15M b/d. EIA projects $85-110/bbl H2 2026 range depending on reopening timeline.
Base Metals2026-07-01
Copper H2 2026: Deficit Consensus Hardens, But Timing Depends on China
The ICSG flipped from a 178kt surplus to a 150kt deficit projection for 2026. Our H2 2026 base case: LME copper at $10,000–12,000/t with risks skewed to the ups
Base Metals2026-07-01
Aluminum H2 2026: Supply Tightens as Sanctions Reshape Global Flows
Aluminum at four-year highs near $3,700/t as sanctions on Russian metal, Indonesian supply growth, and strong EV/data-center demand reshape global trade flows.
Precious Metals2026-07-01
Rhodium H2 2026: From Deficit to Surplus Amid Auto Sector Transition
Rhodium moves from deficit to small surplus as autocatalyst demand falls. Prices remain well below 2021 peaks. Base case: $4,500–5,500/oz.
Precious Metals2026-07-01
Palladium H2 2026: Structural Decline as BEVs Erode Autocatalyst Demand
Palladium faces structural demand erosion from EV adoption and platinum substitution. Base case: $850–1,100/oz for H2 2026.
Base Metals2026-07-01
Copper H2 2026: Supply Losses Are Real — the Question Is How Demand Responds
Three scenarios for copper H2 2026: base case deficit holds prices at $12,000-14,000, bull case $14,000-16,000 on supply shock, bear case $10,000-12,000 on dema
Base Metals2026-06-30
LME Copper Steadies Near $13,360 as Market Awaits US Tariff Decision
LME copper at $13,357/t as Commerce Department tariff decision looms. ICSG sees 96kt surplus; Goldman Sachs projects 300kt surplus and $10,000-11,000/t average.
Base Metals2026-06-30
Aluminum Holds $3,200 as China Cap and 50% US Tariffs Lock in Structural Floor
LME aluminum near $3,200/t as China's 45Mt production cap, 50% US tariffs, and EU CBAM lock in a structural price floor. Analysts cut 2026 surplus forecast
Base Metals2026-06-30
LME Zinc Above $3,490 as Depleted Stocks and Low TCs Keep Market on Edge
LME zinc at $3,491/t as stocks cover less than three days of demand. ILZSG forecasts surplus, Morgan Stanley targets $2,900/t, but TCs near zero signal persiste
Base Metals2026-06-30
Nickel Trades Below $16,500 as Indonesian Supply Swamps EV Demand Growth
LME nickel at $16,455/t as INSG forecasts 261,000t surplus. But April revision flipped to 32,000t deficit on Indonesian policy risk. Indonesian NPI at 1.76Mt wi
Base Metals2026-06-30
Tin at $51,000 as Myanmar Supply Fragility and $785bn AI Capex Fuel Scarcity Bet
LME tin at $51,000/t near all-time highs. Myanmar Wa State supply remains constrained, Indonesian export permits slow. BMI forecasts $785bn AI capex driving sol
Base Metals2026-06-30
Lead Anchored Near $1,870 as Battery Replacement Season Meets EV Headwinds
LME lead at $1,871.50/t with balanced market. Fastmarkets sees $2,000/t anchor into 2027. Mine supply growing 2.2%, secondary recycling dominates. Battery repla
Steel & Iron2026-06-29
Iron ore tests $100 support as Chinese port inventories hit record highs
Iron ore 62% at $100.33/mt. Chinese port inventories at near-record 161 Mt. Crude steel output at lowest April since 2018.
Steel & Iron2026-06-29
HRC steel holds above $1,150 as 50% tariffs shield domestic mills from import pressure
US HRC at $1,156/st. 50% Section 232 tariffs insulate domestic mills. Capacity utilization at 80%. Data center construction demand tripled.
Energy2026-06-29
Natural gas edges above $3.30 as summer heat drives cooling demand and LNG feedgas hits records
Henry Hub at $3.30/mmBtu. Summer cooling demand ramping. LNG feedgas at record 18.1 Bcf/d YTD, up 19% YoY. Storage at 2.835 Tcf.
Energy2026-06-29
WTI crashes below $70 as ceasefire progress collapses war premium
WTI at $69.67/bbl, down 37% from April war spike above $110. Ceasefire removes geopolitical premium. OPEC+ cuts at 5.9 mb/d provide floor.
Precious Metals2026-06-29
Platinum holds above $1,600 as structural deficit and hydrogen demand support prices
Platinum at $1,624/oz. Multi-year structural deficit. Above-ground stocks below 5 months of forward coverage. Hydrogen economy adds new demand leg.
Precious Metals2026-06-29
Silver extends its slide as solar thrifting offsets record industrial demand
Spot silver at $59.22/oz. Sixth consecutive annual deficit at 46.3 Moz. Solar thrifting reduces PV demand 19% but structural deficit persists.
Precious Metals2026-06-29
Gold slips below $4,100 as hawkish Fed repricing overpowers central bank buying
Spot gold at $4,077/oz, 25% below January record. Hawkish Fed dot plot projects rate hike. Central bank buying at 243 t in Q1 provides floor.
Base Metals2026-06-29
Tin's tight supply story strengthens as Indonesia cracks down on illegal mining
LME tin at $50,325/mt. Indonesia's crackdown on illegal mining tightens supply from the world's largest exporter. Market in structural deficit.
Base Metals2026-06-29
Lead drifts lower as battery demand softens in Europe while India holds steady
LME lead at $1,880/mt. Range-bound below $2,000 as European battery demand softens. Secondary supply at 63% provides a price floor.
Base Metals2026-06-29
Nickel's surplus persists as Indonesian quota curbs fail to tighten the market
LME nickel at $16,570/mt. Market in 261 kt surplus. Indonesian quota curbs create short-lived spikes but fail to remove global oversupply.
Base Metals2026-06-29
Zinc's concentrate squeeze pushes TCs negative as LME stocks stay near crisis lows
LME zinc at $3,460/mt. LME on-warrant inventories at crisis lows covering less than one day of global consumption. Spot TCs in negative territory.
Base Metals2026-06-29
Aluminum's structural deficit holds as LME stocks sink to 315,000 tonnes
LME aluminum at $3,164/mt. LME on-warrant inventories at just 247,575 t with 22% cancelled. Market in structural deficit of 140-720 kt.
Base Metals2026-06-29
Copper's concentrate crisis deepens as zero TC/RC squeezes Chinese smelters
LME copper at $13,287/mt as zero-dollar benchmark TC signals extreme concentrate tightness. Combined exchange inventories above 1.1 Mt provide a buffer, bu
Precious Metals2026-06-29
Gold Tests $4,100 Support as Fed Hawkishness and Dollar Strength Weigh on Sentiment
Gold holding near $4,096/oz as Fed rate-hike expectations, a stronger dollar, and easing Middle East tensions pull prices 9% below January's all-time high
Precious Metals2026-06-29
Silver Consolidates Near $60 as Sixth Consecutive Deficit Year Underpins Structural Tightness
Silver at $59.67/oz, up 2.3% on the session but 50% below January's $121 all-time high. Six straight years of physical deficit and COMEX registered stocks
Precious Metals2026-06-29
Platinum Holds $1,647 as Fourth Consecutive Deficit Year Meets Profit-Taking Pullback
Platinum at $1,647/oz, up 2.9% on the day but 18% below early-June levels. The WPIC forecasts a 240 koz deficit for 2026 following a 1,082 koz deficit in 2025.
Energy2026-06-29
WTI Sinks to $69 as Hormuz Risk Premium Fully Unwinds and Demand Fears Intensify
WTI at $69.23/bbl, down 3.7% and at the lowest since February 2026. The Hormuz risk premium has fully unwound after US-Iran peace talks, while the IEA projects
Energy2026-06-29
Natural Gas Trades Near $3.28 as Abundant Storage and Strong Production Cap Summer Price Rally
Henry Hub at $3.28/MMBtu, down 1.9% on the session. Storage at 2,835 Bcf stands 152 Bcf above the five-year average. EIA projects end-of-injection inventories 7
Steel & Iron2026-06-29
HRC Steel Holds Near $1,180 as Tariff Protection and Supply Discipline Trump Weak Global Demand
HRC at $1,181/ton, up 2.3% on the day and 35% above year-ago levels. US prices are supported by Section 232 tariffs, reshoring demand, and disciplined mill capa
Steel & Iron2026-06-29
Iron Ore Tests $100 as Chinese Steel Production Slumps and Port Inventories Hit Record High
Iron ore at $100.33/mt, flat on the session but 8.2% lower for the month. Chinese steel production contracted in May, port inventories are at a record 160 milli
Base Metals2026-06-29
Copper Holds Above $13,200 as ICSG Deficit Meets Tariff-Driven Trade Distortion
LME copper at $13,287/mt as the ICSG revises its 2026 forecast to a 150,000-tonne deficit. Treatment charges at zero signal smelter distress.
Base Metals2026-06-29
Aluminum Steadies at $3,164 After 12% Correction as LME Stocks Hit Multi-Decade Lows
LME aluminum at $3,164/mt, up 1.02% but down 12% from June highs. LME stocks at multi-decade lows and Goldman Sachs projects 720,000t deficit in 2026.
Base Metals2026-06-29
Zinc Stuck at $3,460 as Treatment Charge Collapse Tests Smelter Viability
LME zinc at $3,460/mt as treatment charges collapse to near-zero. ILZSG forecasts 129,000t deficit in 2026.
Base Metals2026-06-29
Nickel Hovers Below $16,600 as Indonesia Quota Squeeze Battles Persistent Surplus
LME nickel at $16,570/mt as Indonesia 30% RKAB quota cuts struggle against 280,000t LME inventory overhang.
Base Metals2026-06-29
Tin Above $50,000 as Myanmar Deadlock and Indonesian Enforcement Redraw the Supply Map
LME tin at $50,325/mt as Myanmar Man Maw mine suspension enters second year. ITA forecasts structural deficit through 2027.